Trader Outwits Bot, Rakes in $1.5M on NFT Platform
An experienced trader has acknowledged making a substantial profit of $1.5 million through Ethereum by skillfully executing strategies on the non-fungible token (NFT) platform Blur.
Operating under the alias Hanwe Chang, the trader revealed that he developed a calculated plan to leverage the situation upon discovering a bot mimicking all of his actions on Blur.
As detailed by another trader known as A-Raving-Ape.eth on the platform X, Hanwe appears to have amassed a collection of NFTs designed by the renowned artist Azuki. He subsequently positioned significantly inflated bids on all of these items from a separate wallet with the intention of attracting the bot’s attention.
Once the bot blindly replicated his exaggerated bids, Hanwe effectively sold all of his Azuki NFTs to the bot at significantly higher prices. Despite the fact that the highest bids for these NFTs were previously below five ETH, Hanwe managed to secure a rate of 50 ETH each from the bot.
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The majority of the profits have been directed to an Ethereum address identified as Hanwe.eth, as revealed by blockchain explorer Etherscan.
Gabriel Shapiro, legal counsel at Delphi Labs, a firm specializing in Web3 development, noted the potential legal options for the individual controlling the bot, recognized by the handle @ThinkingETH on platform X, suggesting that there might be an opportunity to explore legal remedies to recover their ETH from the bot’s ‘strategy’ if they choose to engage an adept legal representative.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
